Most Americans Will Save, Not Spend, Tax Rebate Checks

Most Americans Will Save, Not Spend, Tax Rebate Checks

CNN/Money   |  Ben Rooney   |   March 24, 2008 04:08 PM


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Tax rebates are the centerpiece of the government's plan to stimulate the economy, but many Americans are planning to put the money in the bank or use it to pay off debt, according to a survey released Monday.

A CNN/Opinion Research Corp. poll found that 41% of respondents plan to use their rebates to pay off bills, and 32% will put the money in savings. Just 21% of those polled intend to spend the money, while 3% said they will donate the extra money to charity.

The rebate checks are part of a $170 billion economic stimulus package passed by Congress last month that also includes tax rebates for small businesses, as well as payments to disabled veterans and some senior citizens.


 
 

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- Rightiesrule See Profile I'm a Fan of Rightiesrule permalink

BS
The money is going to China via Wal Mart.

    Favorite    Flag as abusive Posted 06:39 PM on 03/25/2008
- SCG See Profile I'm a Fan of SCG permalink

I think Wall Street is more anxious about this check coming than I am....?

    Favorite    Flag as abusive Posted 04:08 PM on 03/25/2008
- WIpatriot See Profile I'm a Fan of WIpatriot permalink

Sixty shares of Bear Stearns....

    Favorite    Flag as abusive Posted 09:42 PM on 03/25/2008
- MilwaukeeDan See Profile I'm a Fan of MilwaukeeDan permalink

The're just printing money anyway, why not make it $10,000? Talk about bribing the voters! Sooner or later, the people of this once great country will have to take it back from the gangsters that hijacked it. Get ready for some real pain in the future.

    Favorite    Flag as abusive Posted 02:05 PM on 03/25/2008
- WIpatriot See Profile I'm a Fan of WIpatriot permalink

That's what I keep saying, Dan, what difference does it make if we're not actually going to pay it back, anyway.

    Favorite    Flag as abusive Posted 09:35 PM on 03/25/2008
- speakingtruth2power See Profile I'm a Fan of speakingtruth2power permalink


If I had a credit card, I'd pay it down. Since I no longer do,

I'll probably fill up the pantry as a hedge against inflation.

Then, we won't starve immediately, when gas runs out.

    Favorite    Flag as abusive Posted 02:04 PM on 03/25/2008
- gcallaghan See Profile I'm a Fan of gcallaghan permalink

The rebate? I'll buy some euros with mine.

    Favorite    Flag as abusive Posted 07:13 AM on 03/25/2008
- kevinabt See Profile I'm a Fan of kevinabt permalink

This whole system is irrational. They are forcing everyone to take out a $300-$600 loan. Then most people say they will just immediately pay off debt with it or save it (ie, they don't need it right now). Then the entire cost of administration that goes into the effort is all waste.

    Favorite    Flag as abusive Posted 03:43 AM on 03/25/2008
- thegreatgiginthesky See Profile I'm a Fan of thegreatgiginthesky permalink

Not to mention the whopping 42 million it cost the government to mail out a letter to people informing them that they will be getting this "rebate"

    Favorite    Flag as abusive Posted 08:47 AM on 03/25/2008
- PresidentJoe See Profile I'm a Fan of PresidentJoe permalink

I find all this hand-wringing over the prospect that some Americans will pay down debt rather than spend their tax rebates nothing short of bizarre. Anyone who does pay down debt will be able to avoid interest payments and spend that extra money month after month into the future, not just in one shot now. Unfortunately, that sort of thinking about the future seems too abstract for many in the government and media.

    Favorite    Flag as abusive Posted 01:09 AM on 03/25/2008
- Novista See Profile I'm a Fan of Novista permalink

Well duh ... in the current economy, what good is money in the bank? Might as well put it under the mattress!

    Favorite    Flag as abusive Posted 01:07 AM on 03/25/2008
- loki See Profile I'm a Fan of loki permalink

I hope they either save, or pay off debt. Screw having to buy the latest and the greatest.

    Favorite    Flag as abusive Posted 11:56 PM on 03/24/2008
- TakeSake See Profile I'm a Fan of TakeSake permalink

Mine is going into the kid's college fund accounts. After all, they get to pay off the additional debt due to these checks anyway.

    Favorite    Flag as abusive Posted 11:09 PM on 03/24/2008
- Retrofuturistic See Profile I'm a Fan of Retrofuturistic permalink

I think we should all DONATE our rebate checks to any cause that will oppose the policies of the present administration, restore the separation of church and state, renew the system of checks and balances, get rid of the Patriot Act and the Military Commissions Act, abolish faith-based initiatives and school vouchers, and generally restore the Constitution and rescind of every piece of legislation and every other act that was perpetrated by the Bush administration.

    Favorite    Flag as abusive Posted 11:08 PM on 03/24/2008
- thegreatgiginthesky See Profile I'm a Fan of thegreatgiginthesky permalink

What is not written in this article is the glaring fact that most Americans do not give a rats ass about what George W. Bush has to say. He asked them to go spend the money on more Chinese made junk. The answer from the American people is a resounding good old fashioned American finger.

    Favorite    Flag as abusive Posted 10:40 PM on 03/24/2008
- themodernleader See Profile I'm a Fan of themodernleader permalink

Our political leaders don't give a hoot about the economic issues. They will do anything to stop a recession, even at the expense of a meaningful economic future for our country. And our citizens stare in amazement as money appears as if from nowhere to enrich personal finances. There are some Americans who ask the obvious questions concerning the economic, psychological, and moral consequences of receiving unearned value. The obvious answers make quite clear that this is a preposterous giveaway to pander for votes for reelection. The presumption is that the harmful blowback, as with The Fed's give away, will not be felt until after the election. On this last point, they may be right.

    Favorite    Flag as abusive Posted 10:32 PM on 03/24/2008
- joebaggadonuts See Profile I'm a Fan of joebaggadonuts permalink

What's interesting is that they may be right but for the odd reason that the rest of the world is still willing to prop up the thieving regime in the White House. To me this means that they want to stay the course with McCain too, or they haven't either thought about the consequences. If China and Japan keep buying our dollars and the Saudis keep taking dollars for oil instead of the more stable Euros, THEY are complicit. Why don't they get it? Or do they? If they do, then they are in the same game on the same side.... screw the people of the US and the rest of the world and keep the power. Reminds me of 1789. If the people of the US are not up to the task, perhaps our brothers around the world are?

    Favorite    Flag as abusive Posted 11:54 AM on 03/25/2008
- wenton See Profile I'm a Fan of wenton permalink

This is such a key question...ie. will we spend or save. The answer to this question will be very salient in our overall economy over coming months.

    Favorite    Flag as abusive Posted 09:09 PM on 03/24/2008
- WIpatriot See Profile I'm a Fan of WIpatriot permalink

Way to go people, telling the pollsters you're going to save it. Now the prez has to get on TV and tell us to SPEND the check, that's what it's for, not save it!

    Favorite    Flag as abusive Posted 07:29 PM on 03/24/2008
- TakeSake See Profile I'm a Fan of TakeSake permalink

No, he'll send out another $164,000,00.00 round of letters telling you to do it.

    Favorite    Flag as abusive Posted 11:07 PM on 03/24/2008
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